The gatekeeper fallacy: A critical analysis of financial advice regulation in AustraliaBY BEN WALSH | FRIDAY, 7 FEB 2025 2:33PM The current regulatory framework for financial advice in Australia rests on a fundamental misconception that threatens both consumer protection and industry sustainability. By ... Upgrade your subscription to access this article
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MAGDELINE JACOVIDES
FOUNDER AND FINANCIAL ADVISER
MAZI WEALTH
FOUNDER AND FINANCIAL ADVISER
MAZI WEALTH
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The legacy of financial advice licensing in Australia has historically centered on the distribution of financial products, with advisers acting as gatekeepers to these offerings. I agree that in today's landscape, a broader range of consumers are increasingly empowered by technology, including AI, to make some of the financial decisions themselves. This shift necessitates a transformation in the role of investment advisers. Rather than just facilitating product distribution, advisers are well served on guiding consumers through personalised financial journeys, addressing individual needs, and filling knowledge gaps within an adaptive framework designed for consumer navigation (evolving). Embracing this evolved role not only enhances the value provided to clients but also aligns the financial advice industry with contemporary consumer expectations and technological advancements. Just look at what happened to the travel industry platforms...